and to direct their
principal endeavors to carry into effect the project so imperfectly
traced out in the new decree of 1803. The opinion of the most vehement
enemies of the privileged bodies tacitly approves this exception in
their favor. Adam Smith, avowedly hostile to all monopolies, feels
himself compelled to confess that, "without the incentives which
exclusive companies offer to the individuals of a nation carrying
on little trade, possibly their confined capitals would cease to be
destined to the remote and uncertain enterprises which constitute a
commerce with the East Indies."

[Spanish commerce in its infancy.] Our commerce, compared with that
of other nations, notwithstanding what may be said on this subject,
is most assuredly yet in a state of infancy. That with Asia, more
especially, with the exception of the Royal Company, is almost unknown
to all other classes. If it is, therefore, wished to exclude our many
rivals from so lucrative a branch of trade as that which constitutes
supplies for the consumption of the Peninsula and its dependencies, the
means are obvious. The most material fact is in fact already done. The
navigation to the various ports of Asia is familiar to the company's
navy; their factors and clerks have acquired a practical knowledge of
that species of trade, essential to the undertaking, as well as such
information as was at first unknown; but, after the great misfortune
this body has experienced, it will be indispensably necessary to aid
and invigorate them with large supplies of money, following the example
of other governments in similar cases; in order that the successful
issue of their future operations may compensate their past losses,
and worthily correspond with the magnitude of the object.

[Philippines a burden to Spain.] This Asiatic colony, although
considered as conferring great lustre on the crown and name of our
monarch, by exhibiting the vast extent of the limits of his dominions,
has in reality been, during a long series of years, a true burden
to the government, or at least, a possession whose chief advantages
have redounded in favor of other powers, rivals of our maritime
importance. Notwithstanding all that has been said on the score of
real utility, certain it is, that the Philippine establishment has
cost the treasury large sums of money; although, within the last
twenty-five or thirty years, it must be confessed that the public
revenues has experienced a considera